Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company, Boss Electric, reported a revenue decline of 6.78% year-on-year for the first three quarters of 2024, amounting to 7.396 billion yuan, with a net profit decrease of 12.44% to 1.202 billion yuan [6] - The gross margin showed a slight improvement, reaching 53.18% in Q3 2024, up by 0.99 percentage points year-on-year [6] - The company is expected to benefit from a recovery in demand for kitchen appliances, particularly as national subsidies are rolled out, which may lead to a return to revenue growth in Q4 2024 [7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.666 billion yuan, down 11.07% year-on-year, and a net profit of 443 million yuan, down 18.49% [6] - The company’s operating revenue for 2024 is projected to be 11.224 billion yuan, with a slight increase of 0.2% year-on-year [10] - The net profit for 2024 is estimated at 1.745 billion yuan, reflecting a growth of 0.7% year-on-year [10] Profitability Metrics - The company’s gross margin is projected to be 50.6% in 2024, slightly decreasing from 50.7% in 2023 [10] - The net profit margin is expected to remain stable at around 15.5% for 2024 [10] Earnings Per Share (EPS) Forecast - The EPS for 2024 is forecasted to be 1.85 yuan, with projections of 2.01 yuan and 2.15 yuan for 2025 and 2026 respectively [10] Market Position and Strategy - Boss Electric is positioned as a leading brand in the kitchen appliance sector, with a well-established distribution network [7] - The company’s partner program aims to align the interests of various stakeholders, ensuring a cohesive approach to achieving performance targets [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company has experienced a decline in revenue and net profit in 2024Q1-3, with revenue at 7.4 billion yuan (down 6.8% year-on-year) and net profit at 1.2 billion yuan (down 12.4% year-on-year) [4] - Despite the challenges, the company is expected to benefit from the "old-for-new" policy, which is anticipated to improve performance in Q4 [4][5] - The company maintains a leading market share in traditional categories, with offline retail market shares for range hoods and gas stoves at 31.6% and 31.2% respectively [5] Financial Performance Summary - For 2024Q3, the company reported revenue of 2.67 billion yuan (down 11.1% year-on-year) and net profit of 440 million yuan (down 18.5% year-on-year) [4] - The company's gross margin improved to 53.2% (up 1.0 percentage points), while the net profit margin decreased to 16.4% (down 1.6 percentage points) [6] - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 1.75, 1.87, and 1.99 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.7, 12.8, and 12.0 [4][7] Market Position and Strategy - The company is expanding into new categories, with the offline retail market share for dishwashers reaching 20.65% and integrated stoves at 38.0% [5] - The "old-for-new" policy is expected to significantly boost sales in the home appliance market, with online sales for various products showing substantial year-on-year growth [5] - The company is focusing on maintaining its competitive edge in the market through strategic channel management and product innovation [5][6]

Investment Rating - The report maintains a **Buy-A** rating for Robam Electric (002508 SZ) with a 6-month target price of **28 35 RMB** [4] Core Views - Robam Electric's Q3 2024 performance shows pressure with revenue of **7 40 billion RMB**, a YoY decrease of **6 8%**, and net profit of **1 20 billion RMB**, a YoY decrease of **12 4%** [1] - Despite the overall decline, core categories such as gas stoves and range hoods show marginal improvement with online sales growth of **51 1%** and **46 6%** respectively in Q3 2024 [2] - The company's gross margin improved to **53 2%**, up by **1 0 pct** YoY, driven by better performance in retail channels and weaker engineering channel sales [3] - The report expects a potential rebound in revenue due to the impact of the trade-in policy, particularly benefiting core products like gas stoves and range hoods [2] Financial Performance - In Q3 2024, Robam Electric's operating cash flow decreased by **320 million RMB**, likely due to slower receivables collection [3] - The company's net profit margin for Q3 2024 was **16 3%**, with a slight improvement expected in the future as the company optimizes its product structure and operational efficiency [3] - The report forecasts EPS for 2024 and 2025 to be **1 89 RMB** and **1 93 RMB** respectively, with a target P/E ratio of **15x** for 2024 [8] Channel and Product Analysis - Online channels are expected to outperform overall company growth due to the trade-in policy, while offline channels may see slower growth, especially in lower-tier markets [2] - The engineering channel, impacted by a **29 0%** decline in residential completion area, is expected to stabilize as real estate policies improve [2] - Core products like gas stoves and range hoods are expected to see sustained demand growth due to policy incentives, with online sales in September 2024 growing by **145 4%** and **155 9%** respectively [2] Valuation and Forecast - The report forecasts Robam Electric's revenue for 2024E and 2025E to be **10 96 billion RMB** and **11 43 billion RMB** respectively, with net profit expected to grow to **1 78 billion RMB** in 2024E and **1 83 billion RMB** in 2025E [8] - The company's ROE is projected to be **15 2%** in 2024E and **14 5%** in 2025E, with a dividend yield of **3 9%** in 2024E and **4 0%** in 2025E [8] - The report highlights the company's strong ability to adapt to market changes, which is expected to support stable growth in the future [8]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 28.90 CNY, reflecting a 17x PE for 2024 [5][13]. Core Views - The report suggests that the ongoing relaxation of real estate policies is expected to improve construction and sales data, which will subsequently boost kitchen appliance sales. The company's new products are anticipated to create a second growth curve, leading to better revenue performance than the industry [2]. Summary by Sections 1. Performance Overview - For Q1-Q3 2024, the company achieved a revenue of 7.396 billion CNY, down 6.78% year-on-year, and a net profit of 1.202 billion CNY, down 12.44% year-on-year. In Q3 2024 alone, revenue was 2.666 billion CNY, down 11.07% year-on-year, with a net profit of 443 million CNY, down 18.49% year-on-year [3][15]. 2. Channel Performance - The engineering channel has seen a significant decline, while the smoke and stove segment performed better than the integrated stove segment. The company, being a traditional leader in kitchen appliances, faces short-term revenue pressure due to the sluggish real estate market. Retail and e-commerce channels are expected to show single-digit declines, while the engineering channel is experiencing a larger drop [16]. 3. Profitability Metrics - The gross margin for Q1-Q3 2024 was 50.43%, down 1.6 percentage points year-on-year, while the net margin was 16.03%, down 1.13 percentage points year-on-year. In Q3 2024, the gross margin improved to 53.18%, up 0.99 percentage points year-on-year, but the net margin decreased to 16.38%, down 1.58 percentage points year-on-year [17]. 4. Financial Health - The company reported a cash and cash equivalents balance of 2.693 billion CNY at the end of Q3 2024, down 5.86 billion CNY year-on-year. The net cash flow from operating activities for Q1-Q3 2024 was 526 million CNY, down 869 million CNY year-on-year [19][20].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4][13] Core Views - The company's revenue and net profit declined in 24Q1-Q3, with revenue at 7.4 billion yuan (down 6.78% YoY) and net profit at 1.2 billion yuan (down 12.44% YoY) [1] - The kitchen appliance industry is under pressure due to a 23.9% YoY decline in domestic residential completion area, impacting the company's revenue [2] - The "replacement" policy has shown positive effects, with online sales of kitchen appliances increasing by 28% and 138% YoY in September and October 2024, respectively [2] - The company's gross margin improved to 53.2% in 24Q3, driven by optimized raw material costs, but high sales expenses affected profitability [2] - The company's traditional leadership in range hoods and stoves remains strong, with potential growth in categories like dishwashers and digital kitchen appliances [3] Financial Performance Summary - 24Q3 revenue was 2.67 billion yuan (down 11.07% YoY), with net profit at 440 million yuan (down 18.49% YoY) [1] - The net profit margin for 24Q3 was 16.6%, down 1.5 percentage points YoY [2] - The company's A-share market capitalization is 22.999 billion yuan, with a P/E ratio of 13.8x for 2024 [4][6] Industry and Market Trends - The kitchen appliance market is gradually recovering due to policy support, with significant growth in both online and offline sales [2] - The company's brand and channel advantages are expected to drive future growth, particularly in new product categories [3] Financial Forecasts - Revenue for 2024-2026 is projected to be 10.72 billion yuan, 11.32 billion yuan, and 12.25 billion yuan, respectively [6] - Net profit for 2024-2026 is expected to be 1.66 billion yuan, 1.80 billion yuan, and 1.98 billion yuan, respectively [6] - The company's EPS for 2024-2026 is forecasted to be 1.76 yuan, 1.91 yuan, and 2.10 yuan, respectively [6] Valuation Metrics - The company's P/E ratios for 2024-2026 are 13.8x, 12.8x, and 11.6x, respectively [6] - The P/B ratios for 2024-2026 are 2.00x, 1.83x, and 1.67x, respectively [6] - The EV/EBITDA ratios for 2024-2026 are 8.11x, 6.20x, and 5.87x, respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - Q3 performance met expectations, with total revenue for the first three quarters reaching 7.396 billion yuan, a year-on-year decrease of 6.78%, and net profit attributable to shareholders of 1.202 billion yuan, down 12.44% year-on-year [4][6] - The implementation of the old-for-new policy is expected to benefit the kitchen appliance category, with significant retail growth observed in September for range hoods and gas stoves [5][6] - Profitability showed a slight decline, with a gross margin of 50.43% for the first three quarters, down 1.60 percentage points year-on-year [6] Summary by Sections Market Data - Closing price: 23.95 yuan - Market capitalization: 22.339 billion yuan - P/E ratio: 14 times for 2024E [2][3] Financial Performance - Total revenue for 2024E is projected at 10.823 billion yuan, with a year-on-year growth rate of -3.4% [7] - Net profit for 2024E is expected to be 1.621 billion yuan, reflecting a year-on-year decrease of 6.5% [7] - Earnings per share for 2024E is estimated at 1.72 yuan [7] Industry Insights - The kitchen appliance industry is considered a mature segment within the home appliance sector, with stable overall market performance [6] - The old-for-new policy is anticipated to drive incremental revenue for the company, particularly in the kitchen appliance category [5][6]

Investment Rating - The investment rating for the company is maintained as "Buy" [4][6]. Core Views - The report indicates that while the company's third-quarter operations faced short-term pressure, improvements are expected due to significant policy boosts to terminal demand, healthy inventory levels, and a recovery in industry average prices. Revenue growth and profit improvement are anticipated in the future [2][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.396 billion, a year-on-year decrease of 6.78%. The net profit attributable to the parent company was 1.202 billion, down 12.44% year-on-year. In Q3 alone, revenue was 2.666 billion, a decline of 11.07% year-on-year, with net profit at 443 million, down 18.49% year-on-year [6][7]. - The company’s gross margin improved by 1.0 percentage point in Q3, attributed to a decrease in low-margin projects and a slight increase in average prices. However, the increase in expense ratios and bad debt provisions negatively impacted profitability, leading to a net profit margin decline of 1.5 percentage points year-on-year [6][9]. Future Earnings Projections - The company is expected to see revenue growth of 1%, 12%, and 8% for the years 2024, 2025, and 2026 respectively. The corresponding valuations are projected at 13X, 12X, and 11X [2][6]. Market Trends - Since September, retail in the industry has shown significant improvement, with a notable increase in sales for traditional kitchen appliances like range hoods and gas stoves, which saw year-on-year growth rates of 43% and 37% respectively. This trend is expected to continue into Q4, leading to improved revenue for the company [6][9].

证券研究报告 | 季报点评 gszqdatemark 2024 10 28 年 月 日 老板电器（002508.SZ） 毛利率稳健，现金流短期承压 事件：公司发布 2024 年三季报。公司 2024Q1-Q3 实现营业总收入 73.96 亿元，同比-6.78%；实现归母净利润 12.02 亿元，同比-12.44%。其中， 2024Q3 单季营业总收入为 26.66 亿元，同比-11.07%；归母净利润为 4.43 亿元，同比-18.49%。 传统品类保持稳健，线下市场优于线上。从行业整体情况看，2024 年前三 季度厨电中的油烟机、洗碗机品类均保持稳健态势，传统品类略好于新兴 品类，线下市场优于线上。据奥维云网数据显示，2024Q1-Q3 油烟机/洗 碗机/集成灶线上市场规模分别同比+4.2%/+4.5%/-41.8%；2024Q1-Q3 油烟机/洗碗机/集成灶下市场规模分别同比+13.8%/+12.3%/-4%。 毛利率较为稳定，净利率下滑。毛利率：2024Q3 公司毛利率同比提升 0.99pct 至 53.18%。费率端：2024Q3 销售/管理/研发/财务费率为 28.24%/4.79%/3.67%/- ...

证券代码：002508 证券简称：老板电器 公告编号：2024-064 特此公告。 杭州老板电器股份有限公司监事会 2024 年 10 月 29 日 杭州老板电器股份有限公司（以下简称"公司"或"老板电器"）第六届监 事会第十一次会议通知于 2024 年 10 月 18 日以专人送达方式发出，会议于 2024 年 10 月 28 日以现场表决的方式召开。会议应出席监事 5 人，实际出席监事 5 人。本次会议的召开符合《中华人民共和国公司法》、《公司章程》等有关法律、 法规的规定。经与会监事审议并表决通过了以下议案： 一、审议通过了《关于 2024 年三季度报告的议案》； 表决情况：同意 5 票，反对 0 票，弃权 0 票；表决结果：通过。 《老板电器 2024 年三季度报告及摘要》已于本公告日披露于《中国证券报》、 《证券时报》、《证券日报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn）。 杭州老板电器股份有限公司 第六届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 - 1 - ...

本公司及董事会全体成员保证公司公告内容的真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 杭州老板电器股份有限公司（以下简称"公司"或"老板电器"）第六届董事会第 十一次会议通知于 2024 年 10 月 18 日以专人送达、电子邮件方式发出，会议于 2024 年 10 月 28 日以现场表决的方式召开。应参加表决董事 9 人，实际表决董事 9 人。会议由 任建华先生主持。会议召集、召开及表决程序符合《中华人民共和国公司法》及《公司 章程》的有关规定。 全体董事经审议通过了以下议案： 一、审议通过了《关于 2024 年三季度报告的议案》； 表决情况：同意 9 票，反对 0 票，弃权 0 票；表决结果：通过。 第六届董事会第十一次会议决议公告 证券代码：002508 证券简称：老板电器 公告编号：2024-063 杭州老板电器股份有限公司 《老板电器 2024 年三季度报告》已于本公告日披露于《中国证券报》、《证券时报》、 《证券日报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn）。 二、审议通过了《关于聘任证券事务代表的议案》； 表决情况：同意 9 票，反对 0 ...